Property management is a complex and multifaceted industry, and organisations require a robust software solution in order to manage their finances efficiently. Whether you are a managing agent, landlord, or owner-developer, ensuring your business’s ongoing financial health can be a significant challenge

As companies grow and expand their portfolios, they need software solutions that can keep up with the increasing demands of their businesses, including statutory and financial reporting requirements. Therefore, scalable financial software is crucial in the property management space because it allows companies to manage their finances effectively and efficiently, regardless of the size of their portfolio.

In today’s blog, we will explore some features of scalable platforms advocated by REdirect.

Why Is Scalable Financial Software Important for Property Management?

As property management companies grow, they process more and more data and financial transactions as they take on additional properties and build their portfolios. Without scalable financial software, managing this data can be time-consuming and prone to human error. It can also lead to inefficient processes, which over time can hinder growth and profitability.

MRI PMX and Yardi Voyager are two solutions that provide the necessary tools for businesses to streamline and automate tasks, manage data effectively, and produce reliable financial reports as their portfolios grow. These tools are designed to help property management companies keep up with the increasing demands of the industry and a growing business, improve financial performance, and stay competitive in a dynamic market and challenging landscape. 

What Are Some of the Scalable Features of MRI PMX and Yardi Voyager?

Cleverly designed with scalability in mind, these two tools are ideal for growing businesses with changing needs. Here are just four of what we think are their best features. 

Automated Workflows

Automated workflows reduce the need for manual data entry—which can be hugely time-consuming—and eliminate the risk of errors. Routine tasks such as invoicing, recharge calculations, and bill payments can all be automated using MRI PMX or Yardi Voyager. 

This capability reduces effort on your part, lowers costs, frees up your staff to spend their time on those tasks that require a human touch, and improves the overall accuracy of your processes.

Real-Time Financial Reporting

In MRI PMX or Yardi Voyager, modules are directly integrated into the general ledger by the systems. This ensures up-to-date and easily accessible reporting with a fast turnaround, no matter when you need it. 

This capability reduces the need for external integrations to ensure accurate financial reporting and helps you to make informed financial decisions for the long-term overall health of your business. 

Customisable Reporting

All businesses operate slightly differently, and report customisation allows you to generate reports that meet your unique needs. 

Clients frequently engage REdirect to customise their reporting in key areas such as financial, tenancy, and retail. Customisable reporting helps you to extract information in a way that is useful to you, and allows companies to gain insights into their financial performance and make informed decisions at every stage of growth. 

Automated Rent Collection

In Australia, the convenience of Direct Debits and EFT payments are the preferred way that tenants pay rent. Customised bank integrations, and the opportunity for flexibility of auto or controlled manual charge applications, allow for tracking of debtor accounts collected and outstanding charges, saving time and improving cash flow by reducing the risk of missed payments. REdirect provides clients with a Robotic Process Automation (RPA) solution to achieve this.

Get Support With MRI PMX or Yardi Voyager From REdirect’s Experts 

MRI PMX and Yardi Voyager are two tools that provide scalable and customisable features to businesses that want to streamline their financial processes, improve efficiency, and stay competitive no matter the size of their portfolio.

Here at REdirect, we have many years of experience supporting clients with choosing, setting up, and integrating real estate software solutions. If you require any assistance or would like to learn more about ways that we can work together to get the most out of your technology investment, please contact us and speak to a member of the team today.